Business mogul off the hammer after the auctioning of his estates quashed.
A sigh of relief to President William Ruto’s ally, David Lang’at after court order to auction his properties were cancelled.
The multibillion estates companies located in various regions in the country, that had been directed to be auctioned to pay off the alleged bank loans amounting to billions of money.
But it turned to be a malicious order peddled by known senior government officials with the intension to isolate him from getting the Sh 60 billion Dogo Kundu Special Promotion Zone project.
It is allaged that there have been schemes being orchestrated by his rivals to taint his name thus disadvantaged him from securing business partnerships with tenders and foreign investors.
From the unconfirmed information, DL was accused for defaulting to pay a bank loan amounting to Sh. 2.5 billion and that the bell was slated to be rang on August 1st, 2023, where the loan recovery was set to be initiated.
According to an insider, who requested anonymity, the motive was to dent his image and reputation in business world. Mr Langat and his firms contracted in various government capital projects, that he is not fit to trust to handle contracts amounting to Sh. 60 Billion since he cannot afford to offset Sh. 2.5 Billion loans.
Lang’at is shrewd and aggressive business investor owning multibillion businesses, real estates and processing companies registered under DL group of companies within Kenya and East African countries.
He has interests in commercial estates in Mombasa worth sh. 2.1 Billion, DL Koisaga tea estate in Nandi County, Graham investment in Nairobi and 1300 acres of tea estate in Nandi East.
Langat is also among the businessmen from North Rift, President Ruto’s political bastion that sponsored 2022 presidential campaigns that culminated to the winning of Kenya Kwanza alliance.
He was recently named by the President to the National Investment Council and has invested in agribusiness, real estate, energy, and hospitality among others.
Apart from his personal business in it DL is known to have sponsored establishment of various schools including Francis Kibet Memorial School and Koisagat Primary School among others in his backyard.
